Rule 1: Spend less than you earn

The formula for retiring rich starts with you actually putting money in the bank. Social Security benefits alone won’t be enough to have you living the good life during your golden years.

If you have zero savings right now, concentrate on building up an emergency fund in a savings account, perhaps by setting aside 10 percent of each paycheck. Go to our Solutions Center to find a savings account paying a great rate. Then, once your rainy-day fund is full, put that 10 percent you haven’t been spending into a dedicated retirement fund.